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23. A product cost is expensed in the period in which it is manufactured shown with...
The following information is taken from the financial records of Gunner Manufacturing: Cost of materials used...
The following information is taken from the financial records of Gunner Manufacturing: Cost of materials used Direct labor costs Factory overhead Work in process, beginning Work in process, ending $45,000 48,000 39,000 18,000 28,000 What is the cost of goods manufactured? a. $178,000 b. $132,000 c. $122,000 d. $142,000 An example of a period cost is a. advertising expense b. indirect materials c. depreciation on factory equipment d. property taxes on plant facilities If the cost of a direct material...
PA2-8 Recording Manufacturing Costs, Preparing a Cost of Goods Manufactured Report, and Calculating Income from Operations...
PA2-8 Recording Manufacturing Costs, Preparing a Cost of Goods
Manufactured Report, and Calculating Income from Operations [LO
2-3, 2-4, 2-5, 2-6]
Dobson Manufacturing Company uses a job order cost system with
manufacturing overhead applied to products on the basis of direct
labor dollars. At the beginning of the most recent period, the
company estimated its total direct labor cost to be $65,000 and its
total manufacturing overhead cost to be $91,000.
Several incomplete general ledger accounts show the transactions
that...
15 Requirements: Prepare the schedule of cost of goods manufactured and cost of goods sold. Data:...
15 Requirements: Prepare the schedule of cost of goods manufactured and cost of goods sold. Data: Raw Materials Inventory, Jan. 1 $10 Raw Materials Inventory, Dec. 31 Work-in-Process Inventory, Jan. 1 Work-in-Process Inventory, Dec. 31 Finished Goods Inventory, Jan. 1 Finished Goods Inventory, Dec. 31 Raw Materials Purchased, incl. freight 30 Direct Labor 40 Manufacturing (factory) Overhead Schedule of Costs of Goods Manufactured Year Ended December 31, 2018 Beginning Work-in-Process Direct Materials Used: Beginning Raw Materials Inventory Purchased of Raw...
Need help preparing the schedule of cost of goods manufactured for the current year ended December...
Need help preparing the
schedule of cost of goods manufactured for the current year ended
December 31.
The following selected account balances are provided for Delray Mfg. Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Factory supplies used (indirect materials) Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending $...
Freeman Furnishings has summarized its data as shown: Depreciation of factory building Factory real estate taxes...
Freeman Furnishings has summarized its data as shown: Depreciation of factory building Factory real estate taxes Factory utility expenses Indirect materials Indirect labor Direct labor cost Direct labor hours incurred Estimated direct labor hours Raw materials purchased Raw materials, beginning inventory Raw materials, ending inventory Work in process, beginning inventory Work in process, ending inventory Estimated overhead $100,000 15,000 85,000 32,000 25,000 85,000 23,500 24,000 $350,000 30,000 28,000 51,000 67,000 270,000 Compute the cost of goods manufactured, assuming that the...
E14.9 (LO 3) An incomplete cost of goods manufactured schedule is presented below. Determine missing amounts...
E14.9 (LO 3) An incomplete cost of goods manufactured schedule is presented below. Determine missing amounts in cost of goods manufactured schedule. $210,000 Hobbit Company Cost of Goods Manufactured Schedule For the Year Ended December 31, 2020 Work in process (1/1) Direct materials Raw materials inventory (1/1) $ ? Add: Raw materials purchases 158,000 Total raw materials available for use Less: Raw materials inventory (12/31) 22,500 Direct materials used $180,000 Direct labor Manufacturing overhead Indirect labor 18,000 Factory depreciation 36,000...
Required information The following selected account balances are provided for Delray Mfg. $ Sales Raw materials...
Required information The following selected account balances are provided for Delray Mfg. $ Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Factory supplies used (indirect materials) Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending 1,020,000 39,000 60,000 60,900 191, 100 239,000 23,400 55,000 5,250 55,000 89,000 142,000 42,200 38,200...
Exercise 3-7 Applying Overhead; Cost of Goods Manufactured (LO3-3, LO3-4] The following cost data relate to...
Exercise 3-7 Applying Overhead; Cost of Goods Manufactured (LO3-3, LO3-4] The following cost data relate to the manufacturing activities of Chang Company during the just completed year: points eBook $ 16,200 142,000 9,200 82,000 169,900 11,200 $ 430,500 Hint Print Manufacturing overhead costs incurred: Indirect materials Indirect labor Property taxes, factory Utilities, factory Depreciation, factory Insurance, factory Total actual manufacturing overhead costs incurred Other costs incurred: Purchases of raw materials (both direct and indirect) Direct labor cost Inventories: Raw materials,...
Schedule of Cost of Goods Manufactured and Sold The following amounts are available for 2016 for...
Schedule of Cost of Goods Manufactured and Sold The following amounts are available for 2016 for Bourne Manufacturing Company: Administrative salaries (non-factory) $105,000 Administrative rent (non-factory) 52,500 Advertising and promotion expense 61,500 Depreciation-administrative 33,000 Depreciation-factory 45,000 Depreciation-selling 25,500 Direct labor 262,500 Factory rent 27,000 Factory supplies used 18,000 Finished goods inventory (January 1) 85,500 Finished goods inventory (December 31) 78,000 Indirect material used 21,000 Indirect labor 28,500 Materials inventory (January 1) 19,500 Materials inventory (December 31) 30,000 Net delivered cost...
Primare Corporation Schedule of Cost of Goods Manufactured Direct materials: $ Beginning raw materials inventory Add:...
Primare Corporation Schedule of Cost of Goods Manufactured Direct materials: $ Beginning raw materials inventory Add: Purchases of raw materials Total raw materials available 10,200 26,800 X 28,700 X 18,500 20,400 X 4,930 Less: Ending raw materials inventory Raw materials used in production Less: Indirect materials included in manufacturing overhead $ Direct labor Manufacturing overhead applied to work in process Total manufacturing costs Add: Beginning work in process inventory 15,470 59,400 88,300 163,440 54,900 218,340 68,900 149,440 X Less: Ending...
The following information is taken from the financial records of Gunner Manufacturing: Cost of materials used Direct labor costs Factory overhead Work in process, beginning Work in process, ending $45,000 48,000 39,000 18,000 28,000 What is the cost of goods manufactured? a. $178,000 b. $132,000 c. $122,000 d. $142,000 An example of a period cost is a. advertising expense b. indirect materials c. depreciation on factory equipment d. property taxes on plant facilities If the cost of a direct material...
PA2-8 Recording Manufacturing Costs, Preparing a Cost of Goods
Manufactured Report, and Calculating Income from Operations [LO
2-3, 2-4, 2-5, 2-6]
Dobson Manufacturing Company uses a job order cost system with
manufacturing overhead applied to products on the basis of direct
labor dollars. At the beginning of the most recent period, the
company estimated its total direct labor cost to be $65,000 and its
total manufacturing overhead cost to be $91,000.
Several incomplete general ledger accounts show the transactions
that...
15 Requirements: Prepare the schedule of cost of goods manufactured and cost of goods sold. Data: Raw Materials Inventory, Jan. 1 $10 Raw Materials Inventory, Dec. 31 Work-in-Process Inventory, Jan. 1 Work-in-Process Inventory, Dec. 31 Finished Goods Inventory, Jan. 1 Finished Goods Inventory, Dec. 31 Raw Materials Purchased, incl. freight 30 Direct Labor 40 Manufacturing (factory) Overhead Schedule of Costs of Goods Manufactured Year Ended December 31, 2018 Beginning Work-in-Process Direct Materials Used: Beginning Raw Materials Inventory Purchased of Raw...
Need help preparing the
schedule of cost of goods manufactured for the current year ended
December 31.
The following selected account balances are provided for Delray Mfg. Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Factory supplies used (indirect materials) Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending $...
Freeman Furnishings has summarized its data as shown: Depreciation of factory building Factory real estate taxes Factory utility expenses Indirect materials Indirect labor Direct labor cost Direct labor hours incurred Estimated direct labor hours Raw materials purchased Raw materials, beginning inventory Raw materials, ending inventory Work in process, beginning inventory Work in process, ending inventory Estimated overhead $100,000 15,000 85,000 32,000 25,000 85,000 23,500 24,000 $350,000 30,000 28,000 51,000 67,000 270,000 Compute the cost of goods manufactured, assuming that the...
E14.9 (LO 3) An incomplete cost of goods manufactured schedule is presented below. Determine missing amounts in cost of goods manufactured schedule. $210,000 Hobbit Company Cost of Goods Manufactured Schedule For the Year Ended December 31, 2020 Work in process (1/1) Direct materials Raw materials inventory (1/1) $ ? Add: Raw materials purchases 158,000 Total raw materials available for use Less: Raw materials inventory (12/31) 22,500 Direct materials used $180,000 Direct labor Manufacturing overhead Indirect labor 18,000 Factory depreciation 36,000...
Required information The following selected account balances are provided for Delray Mfg. $ Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Factory supplies used (indirect materials) Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending 1,020,000 39,000 60,000 60,900 191, 100 239,000 23,400 55,000 5,250 55,000 89,000 142,000 42,200 38,200...
Exercise 3-7 Applying Overhead; Cost of Goods Manufactured (LO3-3, LO3-4] The following cost data relate to the manufacturing activities of Chang Company during the just completed year: points eBook $ 16,200 142,000 9,200 82,000 169,900 11,200 $ 430,500 Hint Print Manufacturing overhead costs incurred: Indirect materials Indirect labor Property taxes, factory Utilities, factory Depreciation, factory Insurance, factory Total actual manufacturing overhead costs incurred Other costs incurred: Purchases of raw materials (both direct and indirect) Direct labor cost Inventories: Raw materials,...
Primare Corporation Schedule of Cost of Goods Manufactured Direct materials: $ Beginning raw materials inventory Add: Purchases of raw materials Total raw materials available 10,200 26,800 X 28,700 X 18,500 20,400 X 4,930 Less: Ending raw materials inventory Raw materials used in production Less: Indirect materials included in manufacturing overhead $ Direct labor Manufacturing overhead applied to work in process Total manufacturing costs Add: Beginning work in process inventory 15,470 59,400 88,300 163,440 54,900 218,340 68,900 149,440 X Less: Ending...
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